Simon is a realtor in Surrey, BC. If you are looking for a home or property in Surrey, Simon can provide the advice and info you need to maximize your investment. Call, text, or email anytime!First-Time Home Buyers Guide – Part 2: Unexpected costs of buying and owning a home.
Part 2: Unexpected costs of buying and owning a home
Spending hundreds of thousands of dollars on a new home is not an easy thing to do, and having the right team in place to assist you is an important first step. The second, and equally important part of the home buying process is to be financially prepared for the costs of buying a home.
When shopping for a home, it’s very common to focus solely on the listing price. We all want a good deal, so it’s not surprising that we start out by focussing on the price of the homes we are considering. However, something that most people don’t account for is the additional costs above and beyond the listing price, that also factor into the price of a home. If you are buying a home for the first time, these unexpected costs can easily add up.
Below, I have listed some of these additional costs that will help you to be aware of what to expect when it comes to actually purchasing the home that you want to buy. All costs are a one – time fee unless otherwise indicated.
What to know before buying a condo in Surrey
Real estate is a popular investment activity for many families in Surrey, but it’s important to know what you are getting yourself into before you part with your hard earned money. If you take a look at the above graph, you will see that the average value of attached units like condos and townhomes has stayed relatively flat over the last 5 years. Although Surrey is the second fastest growing city in the province and has grown by 18.6 per cent in the last five years, the pace of multifamily homes has generally kept up with demand. In fact, there appears to be an oversupply of inventory which seems to be keeping prices from appreciating. Many people who bought condos in the past few years were planning on selling them for a profit, but are now forced to rent them out with little options to sell.
Meanwhile, the average price of detached homes has gone up by almost $100,000 in the same time frame. This shows that the demand for detached homes is clearly higher in Surrey than for condos or townhomes. There could be a wide variety of reasons for this, but it’s definitely something to note before you make your next real estate purchase.
First-Time Home Buyers Guide – Part 1: Choosing the right team
The Greater Vancouver Home Builders’ Association (GVHBA) recently held its 18th annual First-Time Home Buyer Seminar at the Bell Performing Arts Centre in Surrey. Needless to say, the seminar contained a wealth of information for first- time home buyers, and had a record number of attendees. A panel of industry experts provided great information about the steps involved in the home buying process, the role of various professionals in the transaction, and also the fees and incentives that could make or break a deal. As a Realtor in Surrey, I thought it would be interesting to attend and see if I could learn a thing or two that I didn’t already know. With the notes I made from the seminar and my own personal experience in the field, I’ve written this 3 part guide of the things you should know before buying your first home.
Part 1: Choosing the right team.
Throughout the real estate transaction, there are 3 key individuals that you will be working with. These include the realtor, the mortgage broker, and the real estate lawyer. Other individuals such as an appraisal expert and notary may also be involved. It’s very important to choose the right mix of individuals. Their experience and specialized skill can go a long way in helping you save money and avoid mistakes. Keep reading for an overview of the role that each individual plays in a typical real estate transaction.
Surrey Is Canada’s Fastest Growing City
I was reading through a report by the Real Estate Investment Corporation called Top Canadian Investment Cities 2010 and I wasn’t surprised that Surrey, BC was mentioned as one of the top 10 cities to invest in (across Canada!). BC’s lower mainland is already known as a safe haven for overseas investment dollars, but Surrey specifically comes up a lot. There are a few different reasons for this reputation that Surrey has, mainly based on economic fundamentals surrounding the cost and availability of land. It’s close proximity to Vancouver also plays a big part in this, because of how high land prices are in the Greater Vancouver area. Surrey provides a great place to live with relatively easy access to Vancouver and it’s Downtown core so for many families, it’s a smart place to buy, especially over the next 10 years. Here is their take on it:
As the second largest city in British Columbia, Surrey has already experienced tremendous
growth. As the fastest growing city in Canada, Surrey is predicted to take Vancouver’s place
as the largest city in Canada in upcoming years. With two border crossings to the United
States, links to five major highways, deep sea docks, and four railways, it’s easy to see why. Surrey is a
prime location to do business, with access to local, national, and international markets.
When reviewing Surrey’s economic fundamentals, we see an area going through a positive transition.
Others have taken notice as well, as we see an increase in population and business opportunities. Surrey
has experienced tremendous growth and the trend looks to continue for many years to come.
There are many renters in the region, providing potential landlords with the ability to provide safe,
quality housing to a growing rental population. This is why it is important to examine this city on a
micro level and take the neighbourhood’s and even the street’s characteristics into consideration when
deciding where to purchase.
My name is Simon and I am a Realtor who specializes in the Surrey, BC area. If you are interested in purchasing some property here or are just doing research and have questions, contact me anytime and I will be happy to provide you with data and information to help you make a safe buying decision. Thanks for reading!
New Stores at Central City Mall
Central City has been growing a lot over the past couple of years. There are a lot of new developments going on in the area, including the new Surrey City Center Library which is almost complete. With enrolment at SFU Surrey still increasing, more and more businesses are being attracted to the area to do business. Here are a few of the shops that are now open or will be opening at Central City Mall for you to enjoy.
Surrey Realtor Web App
I’m currently working on a web app for use on smart phones during your search for a new home. Using your gps location, this app will provide full listing information (including price and pictures) for any properties in your vicinity. It’s developed using the latest HTML5 web standards so it will be compatible with any modern mobile browser. It’s optimized for the iPhone 4, but will also work on Android and Windows Phone without the need to download anything. You can also contact a Realtor directly from the app by phone or email. Stay tuned!
